Property

The firm noted that investor pushback at the January renewal had resulted in "the cleanest risk" being transferred to the capital markets.

The carrier said ~$170mn of the total expected losses came from the three March storms that affected several US states earlier this year.

On March 31, the National Weather Service counted 618 storm reports and 104 tornado reports, both records for the year to date.

The new offering is structured to solve ongoing ILS market problems including trapped capital, extended settlement times, economic inflation, social inflation, non-modelled risks and pricing uncertainty.

The underwriter will work on developing the Bermuda platform and strengthening the global property proposition.

Cat bond pricing has fallen by about 12% since year-end but margins are still strong enough that the market could be set for meaningful growth, the broker forecast.

The £50mn syndicate made most of its profits in aviation.

The real test for cat capacity will come at the mid-year point, according to Gallagher Re.

The recommendations await approval from the Florida Office of Insurance Regulation.

The impact of the cyclone, which battered New Zealand in February 2023, was worsened by previous bad weather on the North Island.

The reinsurance and ILS leader joined the firm in 2012 during a “rollercoaster” year for industry loss warranties.

The facility will support quota share capacity with Anchor Re on behalf of SageSure carrier partners.